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Indian mobility tech startup EVage raises $28 mn

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Indian all-electric commercial original equipment manufacturer (OEM) EVage on Friday said it has raised $28 million from US-based venture capital firm RedBlue Capital.

Founded in 2014, Evage in India is supplying EV trucks to major delivery fleets such as Amazon India’s Delivery Service Partner.

The seed-round funding will help the mobility tech startup complete its production-ready factory outside of Delhi in FY2022-23 and scale up production, said the startup.

“When we pioneered our highly adaptive and modular multi-vehicle platform in 2014, it was a journey into the unknown. The success of new global OEMs and their impact on electrifying transport in the US and Europe is a testament to what we can do in India and other price-sensitive countries,” said Inderveer Singh, Founder and CEO, EVage.

EVage has developed a platform for industry-ready electric vehicles that exceed the quality of comparable options available in India and other emerging markets at a far lower cost basis, passing on significant total cost of ownership (TCO) savings to its customers.

EVage said it will manufacture vehicles in ‘Modular Micro Manufacturing’ factories with smaller footprints and less capital requirements than traditional automotive OEMs.

EVage’s first vehicle, the Model .X, is a one-tonne truck designed for the commercial delivery vehicle market, and is undergoing a seismic shift towards electrification.

“The fact that such an innovative product is being used today by major fleet customers makes EVage a clear standout in their field – this is the team that’s actually delivering,” said Prescott Watson, General Partner at RedBlue Capital.

Singh said that they are aggressively hiring from the top automotive and aerospace companies in India and globally.

Business

Mumbai Airport Refutes IATA’s Claims On Cargo And Passenger Flight Slot Changes, Defends Operational Adjustments

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Mumbai: Days after airlines trade body IATA expressed disappointment at Mumbai airport operator MIAL’s decision to stop cargo freighter flights and withdrawal of slots for passenger flights, the airport refuted the claim on Thursday.

“Mumbai International Airport Ltd (MIAL) is disappointed by the statement issued by the IATA on April 29 and strongly refutes its assertions,” MIAL said in a statement. “Contrary to the claims made by IATA, the recent adjustments to cargo operations and slot allocations at Chhatrapati Shivaji Maharaj International Airport (CSMIA) have followed a transparent, consultative and regulatordriven process,” it said.

These operational changes are part of a broader infrastructure upgrade initiative governed by the Airports Economic Regulatory Authority of India (AERA) as part of the Fourth Control Period review, MIAL said. In a strongly worded statement on Tuesday, IATA’s Head of Worldwide Airport Slots, John Middleton, called on MIAL to reverse the cuts immediately.

“MIAL continues to respect international best practices, including the guidelines issued by the Worldwide Airport Slot Board and remains committed to maintaining coordination,” the private operator said.

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Together, we sail towards a stronger, bolder India: Gautam Adani

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Thiruvananthapuram, May 2: Gautam Adani, Chairman of the Adani Group, on Friday said he is grateful to Prime Minister Narendra Modi and Kerala Chief Minister Pinarayi Vijayan for their support towards building India’s first deep-sea automated port which is a future global transshipment hub, adding that together, “we sail towards a stronger, bolder India”.

This is a triumph of vision, resilience, and partnership, said Gautam Adani as PM Modi dedicated to the nation the Vizhinjam International Deepwater Multipurpose Seaport worth Rs 8,900 crore.

“Today, at Vizhinjam, history, destiny, and possibility came together as a 30-year-old dream of Kerala became India’s gateway to the world,” said the billionaire industrialist in a post on X.

“We are proud to have built India’s first deep-sea automated port. A future global transshipment hub. This is a triumph of vision, resilience, and partnership,” Gautam Adani added.

The Adani Group Chairman further stated that “together, we sail towards a stronger, bolder India.”

Vizhinjam Port, having strategic importance, has been identified as a key priority project that will contribute to strengthening India’s position in global trade, enhance logistics efficiency, and reduce reliance on foreign ports for cargo transhipment.

Its natural deep draft of nearly 20 metres and location near one of the world’s busiest sea trade routes further strengthen India’s position in global trade.

“A historic day. Grateful to the Central and State Governments, and the administration and people of Kerala, especially Thiruvananthapuram, for their support in making this port stand as a testament to India’s strategic and bold maritime ambitions,” said Karan Adani, Managing Director of Adani Ports and SEZ Ltd (APSEZ), in a post on X.

The port is expected to significantly lower logistics costs for Indian manufacturers by 30-40 per cent, enhancing the country’s export competitiveness.

With plans to increase capacity to 5 million TEUs by 2028 with the latest technology, the port is set to play a crucial role in India’s maritime infrastructure.

Working closely with the state government and the Central government, the Adani Group has already invested over Rs 4,500 crore in the Vizhinjam International Seaport project. The Adani Group is expected to invest another Rs 20,000 crore in the project’s upcoming phases, creating more than 5,000 jobs and boosting the local economy to unprecedented heights.

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Sensex, Nifty trade in green amid positive global cues

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Mumbai, May 2: The Indian stock indices opened in the green on Friday following positive cues from the global markets.

At 9:22 am, Sensex was up 350 points or 0.44 per cent at 80,592 and Nifty was up 71 points or 0.29 per cent at 24,407.

Midcap and smallcap indices were trading flat compared to largecap. Nifty midcap 100 index was up 40 points or 0.08 per cent at 54,185. Nifty smallcap 100 index was down 12 points at 16,436.

Among the sectoral indices, auto, PSU bank, private bank, financial services, metal and realty were major gainers. Pharma, FMCG and media were major laggards.

According to analysts, on the technical front, Nifty 50 continues to consolidate in a narrow range, forming a neutral candlestick pattern. On the hourly chart, a flag and pole pattern are developing, suggesting a possible bullish breakout.”

“If Nifty sustains above 24,400, it can potentially head towards 24,500 and 24,700 levels. Immediate support levels are placed at 24,200, 24,100, and 24,000, offering dip-buying opportunities,” said Mandar Bhojane from Choice Broking.

In the Sensex pack, Adani Ports, Maruti Suzuki, IndusInd Bank, Axis Bank, ICICI Bank, M&M, Tata Motors, TCS, Infosys, HDFC Bank, NTPC and SBI were top gainers. Nestle, Titan, Bajaj Finserv, HUL, Power Grid and Bajaj Finance were the top losers.

The international markets were trading with gains. Tokyo, Hong Kong, Seoul, Jakarta and Bangkok were in the green.

The US market also closed with gains on Thursday. In the last session, the technology index Nasdaq surged more than 1.5 per cent.

Meanwhile, Brent crude was at $ 62.62 per barrel with a gain of about one per cent.

On the institutional front, FIIs continued their buying streak for the 11th consecutive session, albeit with a modest net buy figure of Rs 50 crore.

Meanwhile, DIIs showed stronger conviction, purchasing equities worth Rs 1,792 crore. The combined flow suggests a supportive undertone for the Indian equities.

Devarsh Vakil, Head of Prime Research at HDFC Securities, said that overall trend for the Nifty remains bullish, as it continues to trade above all key moving averages.

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